Apollo, with funds managed by its affiliates, has completed the acquisition of the Accent Family of Companies, which includes Accent Wire-Tie, Accent Wire-Tie United Kingdom, and Accent Building Materials. Accent Building Materials is a regional wholesale distributor of building materials for the Sun Belt in the U.S. Existing investor Crossplane Capital partnered with Accent's founders, the Sims family, in 2019 to acquire a controlling interest in Accent. Crossplane and the Sims family will retain a minority stake in the company. Financial terms were not disclosed.
Headquartered in Tomball, Texas, Accent provides the baling wire, equipment, and services that are central to enabling the safe transportation of recycled materials. Additionally, the recycling and waste industries are resilient throughout economic cycles and can benefit from long-term economic trends including corporate sustainability initiatives, federal and state legislative actions designed to drive an increase in U.S. recycling volumes, and increasing consumer preference for sustainably produced products and packaging.
"We believe Accent is a critical supplier to the recycling industry poised for continued growth and impact, and we see several opportunities to help grow and develop the company," says Joanna Reiss, partner and co-head of impact at Apollo. "We look forward to partnering with Bill and the talented team at Accent to support its expansion globally, which we believe will contribute to the continued adoption of sustainable recycling practices leading to a decrease in landfilled waste and emissions in local communities."
"As we continue to grow Accent globally and capitalize on the opportunity set in front of us, we are delighted to partner with Apollo and the firm's team of dedicated professionals who recognize the important role we have in driving a more sustainable future," adds Bill Sims, CEO of Accent.